This week marks the launch of NX Gate Apartments, a rental accommodation development from Realstar Living.
The development is located in the centre of New Cross in South East London and is aiming to appeal to young professionals and commuters.
Rental prices start at £300 per week and the scheme's Canadian management firm says it is bringing a North American-style service to the London market.
The development, which holds 101 one, two and three-bedroom apartments, will house on-site resident managers, who will take care of maintenance issues as well as taking parcel deliveries.
“NX Gate apartments represent one our most exciting and ambitious projects to date and is setting the bar for how the rental market in London should operate,” says Ryan Prince, founder of Realstar Living.
Realstar is a privately owned real estate investment and property management firm specialising in the hospitality and multi-unit rental residential sectors.
It owns and manages in excess of $6 billion of assets and is regarded as one of Canada's larger residential landlords, owning over 25,000 apartments across the country.
It has been active in the UK for the past 12 years and at present owns – or is in the process of developing – over 1,000 apartments across London.
Many commentators expect more developments like this to spring up across the UK in the next few years as a result of the importance the government has placed on build to let – investment by institutions to build and then operate blocks of purpose-built units.
Institutional investors into the private rented sector will not be affected by a range of incoming tax changes which are set to hit the pocket of individual private landlords.
In late January, there were announcements of almost £1.5 billion worth of build to let investment in just two days.